New Delhi: Consumer electronic brand PLAY on Monday said it has acquired RiverSong-India, a subsidiary of leading phone developer IMG Technology Group, for an undisclosed sum. Manvendra Chandola, CEO of RiverSong India operations, will join PLAY as the Group CEO. Headquartered in Gurgaon, PLAY was co-founded by Vikas Jain, co-founder of Micromax, in 2019 along with Sandeep Banga. NVIDIA Acquires SoftBank-Owned UK Chipmaker Arm for $40 Billion: Report.
“With RiverSong India in the mix, our product experience, our distribution capabilities and after-sales service should scale new heights in the near future,” said Jain, Chairman and MD, PLAY. “The acquisition of RiverSong India comes at a crucial juncture in the growth journey of both companies,” Jain said.
RiverSong India has more than 4 million customers on account of its product sales in India. Following this acquisition, PLAY envisions adding brand-new products to its portfolio, thereby enriching the consumer offering under the dual-brand strategy.
At present, PLAY is focussed on design and development of futuristic digital technology infused with AI and IoT features in the activewear and home automation market. With this move, the brand aims to strengthen its distribution network, expand its product portfolio and establish a stronger foothold across the country. The two companies aim to jointly gain an on-ground presence and aim to reach to 100,000 retail outlets across the country.
PLAY has introduced a wide range of wearable and acoustic products over the last year and is constantly innovating in the product design at their Design labs in Pune.
(The above story first appeared on Today News 24 on Jul 05, 2021 03:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).